Securing a Lower Interest Rate
One of the main reasons why people choose to refinance is to lower their interest rate on their current loan. By reducing your interest rate, you’re not only helping yourself to save money, but it also increases the rate that you build your home’s equity so its important to find the best home loan deal. Plus, it can decrease the amount of your monthly payments.
Should I get a refinance?
Refinancing your mortgage can often be a great financial move.
You can reduce your mortgage payment, shorten your loans term, or help to build up your property’s equity a bit faster. It can also be good for getting any debts under control, too. However, before you decide whether to refinance or not, examine your current financial situation and ask yourself if you actually want to – or need to.
For example, do you plan on staying in the house that you are currently thinking about getting a refinance on, forever? And how much money would you be saving by refinancing your mortgage?